Highlights
In Singapore's CPI data due at 1 a.m. EDT (0500 GMT), consumer inflation is forecast at 2.7 percent in April, the same as in March, when the annual rate eased after accelerating to 3.4 percent in February from 2.9 percent in January.
In the French purchasing managers index (PMI) data, composite output index is seen at a preliminary 50.7 in May, down slightly from April's final 50.5. The services sector is expected to remain comfortably above the neutral line of 50 (51.5 versus 51.3 in the prior month) while the manufacturing index is seen just above the key level (50.7 versus 50.5).
The German manufacturing PMI in April improved slightly but remained deeply depressed at 42.5. Further improvement is expected to 43.5 in May which, however, would still be deeply negative. The services index, which in April jumped more than 3 points to 53.2, are seen at 53.5. Consensus for May's composite PMI is 51.2, also up from April's 50.6, which was the first plus-50 expansion reading in 10 months.
Taiwan's industrial output is seen up 11.0 percent on the year in April, accelerating from a 7.6 percent rebound in March on a revised 1.31 percent drop in February.
In the Eurozone PMI data, the composite index is expected to further rise in May to 52.0 from 51.7 in April and 50.3 in March. April's result was the best in nearly a year. The Manufacturing index in May is forecast at 46.3, up from April's 45.7 and the services index at 53.5 after April's better-than-expected 53.3.
The UK manufacturing PMI edged higher in April to 49.1, with May's consensus up slightly at 49.4. Services growth picked up by nearly 2 points in April to 55.0 for the largest rise in 11 months. May's consensus is a slight dip back to 54.8. May's composite index is expected to hold steady at 54.0 after April's 54.1.
US new jobless claims for the May 18 week are expected to edge down to 220,000 from 222,000 the prior week. Claims have moved higher the last couple of weeks.
In the US PMI report for May, the manufacturing index is expected to remain just above the neutral line of 50, at 50.1 versus April's 50.0, readings consistent with stagnation. For services, the consensus is a modestly positive 51.4 versus 51.3.
Sales of new single-family homes in the US are expected to slow down to a seasonally adjusted annualized rate of 675,000 units in April after rising 8.8 percent on the month to a six-month high of 693,000 in March despite the negative impact of elevated mortgage rates and high home prices.
The Eurozone's consumer confidence index in May is expected to rise to minus 14.0 versus minus 14.7 and minus 14.9 in the two prior reports.
Atlanta Federal Reserve Bank President Raphael Bostic will participate in a virtual question-and-answer session with students in MBA macroeconomic class at the Stanford Graduate School of Business at 3 p.m. EDT (1900 GMT).
Consumer inflation in Japan is expected to decelerate in all three key measures in April as food and beverage markups continued easing and hotel fee gains shrank, offsetting the upward pressure from a slower decline (or a slight rise) in energy costs after the base effect of utility subsidies waned earlier this year and global commodities prices rose. The core CPI (excluding fresh food prices) is forecast to rise at a 22-month low of 2.2 percent on year after moderating to 2.6 percent in March from 2.8 percent in February. Underlying inflation measured by the core-core CPI (excluding fresh food and energy) is expected to ease further to an 18-month low of 2.5 percent from 2.9 percent. The year-over-year increase in the total CPI is forecast at a 22-month low of 2.4 percent after slowing slightly to 2.7 percent in March from 2.8 percent the previous month.
The Bank of Japan is expected to gradually raise its still super low overnight interest rate target as part of the process of normalizing its large-scale easing stance, looking beyond fiscal 2024 toward stable inflation around its 2 percent target that comes with sustainable economic and wage growth.
In the French purchasing managers index (PMI) data, composite output index is seen at a preliminary 50.7 in May, down slightly from April's final 50.5. The services sector is expected to remain comfortably above the neutral line of 50 (51.5 versus 51.3 in the prior month) while the manufacturing index is seen just above the key level (50.7 versus 50.5).
The German manufacturing PMI in April improved slightly but remained deeply depressed at 42.5. Further improvement is expected to 43.5 in May which, however, would still be deeply negative. The services index, which in April jumped more than 3 points to 53.2, are seen at 53.5. Consensus for May's composite PMI is 51.2, also up from April's 50.6, which was the first plus-50 expansion reading in 10 months.
Taiwan's industrial output is seen up 11.0 percent on the year in April, accelerating from a 7.6 percent rebound in March on a revised 1.31 percent drop in February.
In the Eurozone PMI data, the composite index is expected to further rise in May to 52.0 from 51.7 in April and 50.3 in March. April's result was the best in nearly a year. The Manufacturing index in May is forecast at 46.3, up from April's 45.7 and the services index at 53.5 after April's better-than-expected 53.3.
The UK manufacturing PMI edged higher in April to 49.1, with May's consensus up slightly at 49.4. Services growth picked up by nearly 2 points in April to 55.0 for the largest rise in 11 months. May's consensus is a slight dip back to 54.8. May's composite index is expected to hold steady at 54.0 after April's 54.1.
US new jobless claims for the May 18 week are expected to edge down to 220,000 from 222,000 the prior week. Claims have moved higher the last couple of weeks.
In the US PMI report for May, the manufacturing index is expected to remain just above the neutral line of 50, at 50.1 versus April's 50.0, readings consistent with stagnation. For services, the consensus is a modestly positive 51.4 versus 51.3.
Sales of new single-family homes in the US are expected to slow down to a seasonally adjusted annualized rate of 675,000 units in April after rising 8.8 percent on the month to a six-month high of 693,000 in March despite the negative impact of elevated mortgage rates and high home prices.
The Eurozone's consumer confidence index in May is expected to rise to minus 14.0 versus minus 14.7 and minus 14.9 in the two prior reports.
Atlanta Federal Reserve Bank President Raphael Bostic will participate in a virtual question-and-answer session with students in MBA macroeconomic class at the Stanford Graduate School of Business at 3 p.m. EDT (1900 GMT).
Consumer inflation in Japan is expected to decelerate in all three key measures in April as food and beverage markups continued easing and hotel fee gains shrank, offsetting the upward pressure from a slower decline (or a slight rise) in energy costs after the base effect of utility subsidies waned earlier this year and global commodities prices rose. The core CPI (excluding fresh food prices) is forecast to rise at a 22-month low of 2.2 percent on year after moderating to 2.6 percent in March from 2.8 percent in February. Underlying inflation measured by the core-core CPI (excluding fresh food and energy) is expected to ease further to an 18-month low of 2.5 percent from 2.9 percent. The year-over-year increase in the total CPI is forecast at a 22-month low of 2.4 percent after slowing slightly to 2.7 percent in March from 2.8 percent the previous month.
The Bank of Japan is expected to gradually raise its still super low overnight interest rate target as part of the process of normalizing its large-scale easing stance, looking beyond fiscal 2024 toward stable inflation around its 2 percent target that comes with sustainable economic and wage growth.
Definition
Market Focus details key factors in the coming day that will impact the economic outlook and the financial markets. These include central bank events, economic indicators, policymaker speeches as well as expected political and corporate developments.
Description
Keeping up-to-date with event schedules and the economic calendar is key to understanding the global financial system. Econoday's Market Focus allows investors and policymakers to carefully track what will be making news and moving the financial markets in the coming day.
